Top Ten Truths About Home Ownership

Whether this is the first time you are buying a home, or you have been a homeowner for decades, it is never too late to learn new ways on how to save money during the process and become aware with the truths about home ownership.

Financial ducks. Down payments, mortgage, insurance; these are the key components of buying a house. These are the cost you should think about when calculating what type of home you can afford. Before you search through home listings, sit down with a qualified home lender, your banker, and a real estate agent who will be able to explain mortgage rates. They will also inform you on how the down payment can affect your monthly payments, and tax implications.
Mortgage Payments. Consider making biweekly mortgage payments, rather than one payment per month. For example: by making two $500 payments a month, opposed to a single $1,000, you will pay the down interest sooner, thereby paying off your mortgage early!
Home Insurance. Another cost you will need to be aware of is home insurance. Most lenders require home insurance when loaning money. It is a good idea to get pre-approved for a loan before searching for a house. It will give you a much better idea on how much you can afford when purchasing a home. We advise that you review your policy and check around with different companies to make sure you are getting the best rate. Combining automobile insurance with your homeowners’ policy can often give policyholders a discount!
Utilities and operational cost. Heating, cooling, electricity, running water, insulation, and other functions are necessary to make you feel comfortable within a residence. As a homeowner, you will have the responsibility of maintaining these utilities. You should save at least 1% to 3% of the total home cost each year to pay for these cost, just to ready during the year coming.
Cleaning. Maintaining, cleaning, and repair cost will vary depending about the task at hand. Some maintenance cost are simple, such as repainting a room. Others may be more challenging, such as discovering a leak in your roof. To determine how much you should put aside, the size of your home and the age could be the best way to budget this cost. As a homeowner, you should have a weekly schedule of maintaining a clean household. Here is a cleaning schedule we put together, concurring the most important chores!
Remodeling. Home decorating shows and interior design magazines seem to omit the cost of a home makeover. When remodeling your home, the kitchen will be the most expensive room, ranging from $19,000 to $113,000; it is also the room that will most likely be remodeled when someone purchases a home. These are luxury cost you must be ready to spend!
Decorating. While shopping for furniture and decor is fun, it is also expensive. The first thing you should know is to not buy expensive items, such as furniture, when looking for a home. Once your home has went into closing and your real estate agent gives you the green light, you can go out and purchase furniture. Go into these purchases with your budget on your mind, not your Pinterest. Make a budget on your home’s furnishing and stick to it! Small expense such as linens can all add up. Get what you need now.
Backyard. If your home includes a yard, be prepared for landscaping cost. This includes lawn care, tree maintenance, water and irrigation, fences, pavers, pathways, as well as exterior lighting. If you have a pool, that is an entirely extra list of maintenance. It is best to have a shed in your yard with these follow tools and equipment: lawn mower, rake, shovels, clippers, etc. It is really important your assess the condition of the property and take into account the overall square footage of your yard. Your real estate agent should be able to help you find out the information.
Decrease usage. Spending time in front of screens is a large significance today. This can take a bit out of the budget. Consider cutting cable or satellite plans, be either eliminating channel services you do not use, or cutting it out altogether by switching to alternatives, such as Netflix. By reducing your phone and/or cable bill, you may be able to budget that money elsewhere.
Monthly task. It is important that you keep your home prepared and ready for New York City’s changing weather. Each month, RealEstateSINY.com post a list of task you should do around the inside and outside of your home, to be assured you will have a limited risk of repairing to face during the month!